Adobe Inc. Thesis

Adobe's moat is its entrenched position in the creative software industry. With products like Photoshop, Illustrator, and Premiere Pro being the standard for professionals, the company benefits from strong network effects and high switching costs. The move to a subscription model (Creative Cloud) has provided a stable and predictable revenue stream. The growth driver is the expansion into customer experience management with the Adobe Experience Cloud, and the integration of AI features like Firefly, which can drive upgrades and attract new users.